Be prepared to show why you chose the applicant you did and prove it was based on objective criteria like income, credit score, rental history, or whatever.

This will help my guys with cheap food.  

Looking to get into local investing soon, currently preparing to start the process on getting my license.

Stay out of that price range unless you are prepared for a long grueling restoration.

Some food for thought.

@LeRoi De-Souza-  you are not able to use a FHA loan for a rental property purchase ....depending on the size of the  property ( 1-4 units ) - you should be able to get a conventional loan ....85% ltv  is possible for a  1 unit  rental purchase ...get  formally  pre approved so you can  get orgainzed and  prepared 

While you are in the phasing of preparing, I recommend getting the board game Cash Flow and playing with friends. 

However, lately I have been seeing appraisals come in lower than anticipated so be prepared for a value cut (Subject to your market of course)Lastly, you can do a delayed purchase and use 100% of the initial cost so as long as the loan amount does not exceed 75% of the new appraised value.

Here's some food for thought to get the conversation going:Finding the Ideal Property: What are your tips for spotting a great house hacking opportunity?

FHA loans are generally more straightforward, with lenders typically requiring verification of your credit and income.Be prepared to provide financial documentation, as the lender will need to ensure you can manage the additional mortgage payments.